BFSI hurts TCS, pulls Q3 net down 3

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The announcement comes a day after TCS reported 3.6 per cent fall its its net profit to Rs 6,531 crore in the December 2017 quarter. We signed our first $50M+ deal in digital this quarter, crossing an important milestone in the mainstreaming of digital technologies.

Led by the gain in the stock, the companys market valuation rose by Rs 18,884.67 crore to Rs 5,37,359.67 crore.

Gopinath said smaller industries like energy, utilities and travel and hospitality grew at a "scorching pace" with a 20-25% YoY growth. TCS' digital revenue saw an increase of about 40% year-on-year and accounted for 22.1% of the company's revenues, the company said in a statement. The majority of these charges are expected to be recorded over the first three years of the agreement, with approximately Dollars 100 million of transition and conversion charges reflected in the first half of 2018. I'm very excited to embark on this partnership with TCS, whose transformation and technology innovation capabilities will supplement our focus on improving our customers' experience in a digitally enabled way.

Volume growth was 1.6 per cent quarter on quarter the strongest for this quarter in three years - indicating that there was pricing pressure given that the constant currency revenue growth was only 1.3 per cent.

According to brokerages, top Indian IT players will see muted sequential revenue growth in the range of 1 to 2.6 per cent compared to the previous quarter, with players like HCL and Tech Mahindra expected to perform on the upper end of the spectrum, while TCS, Wipro and Infosys are expected to record slightly slower growth.

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That also reflects the mere 1,600 net additions to the company's workforce, during the quarter, which took the total to 390,880 employees. "As the lagging parts of our portfolio turn around, and areas of softness reduce, we are well placed for stronger growth ahead", Rajesh Gopinathan, CEO and MD, said. "TCS is proud to partner with Transamerica in its ongoing transformation to enhance its customer experience, and looks forward to welcoming their current employees for new careers at TCS".

The contract, which entails transforming Transamerica's U.S. insurance and annuity business lines, comes close on the heels of a mega deal TCS had clinched from television rating measurement firm Nielsen.

Declared interim dividend of RS 7 per equity share of Re 1 each of the company.

To be sure, India's software industry is set to face additional challenges in the US this year, with a new tax being imposed on payments made by USA companies to its foreign affiliates.